During an open house, homebuyers usually just listen to what the realtor has to say about the property, which is mostly just about the advantages of living in it. Homebuyers ask questions from time to time, but they are mostly about the child-friendliness of the house, the nearest education and medical facilities in the area, and the house’s history. Sometimes, they forget to ask important questions, such as the ones below.
1. How long has the property been on the market?
Knowing the answer to this question is important, especially if the house has been indeed sitting in the market for a long time. Remember that being too long in the market means that there might be something wrong with the house or that its price is too high.
2. Is this area growing or declining?
More than knowing what establishments surround the house’s neighborhood, a homebuyer must know what kind of establishments they are and how much they contribute to the area’s commercial growth and development. The house may be affordable for you, but if it is due to the area’s decline in economic growth, it may give you problems in the future.
3. May I see the CLUE report?
The Comprehensive Loss Underwriting Exchange (CLUE) contains the five-year insurance loss history reported by insurance companies that are associated with the house during the residence of the former homeowner. As a homebuyer, you are allowed to request a CLUE from the realtor as this report will inform you of any damages or loss the house endured which will help with your purchase decision.
4. Can I have a CMA for the area?
Another request you are allowed to do is asking the realtor for the Comparative Market Analysis (CMA) of the area. A CMA is an organized listing of houses currently for sale and recently sold within the area. It also contains the comparative details (e.g. prices, lot areas, number of bedrooms) of homes you are considering to buy, as well as houses similar to them within the area. A CMA is important to request as it is a detailed summary of all your available options.
5. What aspects of the transaction will you personally handle and which will be delegated to others?
Not all important questions revolve around the houses your realtor is trying to sell. As a client, it is vital that you know how the transaction will proceed after you made your decision to purchase a property. Knowing if the realtor himself will handle the transaction or not will give you the idea which people to call for questions and updates about your purchase.
In the meantime, you may contact us for inquiries if you are planning to buy a Las Vegas home for sale soon, or you can go to http://propertyvalue.vegas/ to find out the estimated real estate value of the house you wish to buy.